ByReutersOctober 6, 2011

Bank of America CEO Brian Moynihan speaks at the Washington Ideas Forum at The Newseum in Washington Wednesday. He said wealthy bank clients would support a 'millionaire's tax' if it put America's fiscal house in order.

WASHINGTON — Captains of Google, Bank of America and Citicorp say they are ready to pay higher taxes, as long as Congress uses the money to get the U.S. economy back on its feet.

Democrats on Wednesday proposed a 5 percent surcharge on millionaires to finance President Barack Obama's $447 billion jobs stimulus package, which is designed to save and create jobs, and boost an economy on the edge of recession.

``We need to get jobs going in this country and anything to do that would make some sense,'' said Brian Moynihan, chief executive of Bank of America , who earned $10.9 million including restricted stock options in 2010.

When Clinton, a Democrat, raised the tax rate on the wealthiest in the early 1990s, opponents made the same warnings that they make today that it would stifle job creation, investment, innovation and growth. In fact, the United States enjoyed its longest economic expansion and produced a budget surplus, Rubin said.

Tax breaks also need to be addressed, which would fall on the more affluent, he said.

Obama is pressing higher taxes for the rich as a way to bring the deficit in line. He gained support from billionaire investor Warren Buffett who wrote a column last month that rich people like him can afford to pay more.